IntercontinentalExchange Inc., better know as ICE, plans to begin a formal consultation on the Brent oil market in the near future, an ICE spokeswoman said.

The move follows last week's announcement by oil price assessment company Platts that it intends to change the way it calculates its Brent pricing benchmark.

As much as 70% of the world's physical crude is priced off that benchmark, which is traded on ICE and called Dated Brent by traders. The benchmark also underpins the futures market, which companies use to hedge and investors use to bet on the future price of oil.

Platts, part of McGraw Hill, currently assesses the Brent price by looking at contracts from 10 days to 21 days before the oil is loaded for delivery. That 12-day period will be expanded to 16 days, as of January 6, the company said Friday.

However, market participants have said Platts' revision will be disruptive unless other changes occur in the futures market.

Last month, oil major Royal Dutch Shell said that as a result of Platts extending the pricing period from 12 to 16 days, the expiry date of Brent futures would need to be adjusted to prevent a disconnect between the futures and physical markets.

ICE declined to comment on possible solutions to these concerns it might consider.

"The ICE continues to work with market participants in relation to the Brent derivatives market and plans to undertake formal consultation on the subject in the near future," the spokeswoman said.